First Bancorp reports higher income

Thursday

Jul 26, 2007 at 9:48 AM

Troy-based First Bancorp, parent company of First Bank, which has branches in Denton and Thomasville, reported net income of $5.4 million for the three months ended June 30, up 13 percent from the same period last year, and $10.3 million for the first six months of the year, up 5.3 percent.Also on June 30, assets totaled $2.21 billion, up 10.7 percent. Deposits totaled $1.8 billion, up 13.2 percent. Loans totaled $1.8 billion, up 10.2 percent.Jerry L. Ocheltree, president and chief executive officer, said the company also benefited from a .06-point increase in net interest margin (the ratio of net interest income to average earning assets) from the first quarter to the second quarter.

Never miss a story

Choose the plan that's right for you.
Digital access or digital and print delivery.